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National Housing Market

By Erika Ludvigsen

US home sales edge higher as inventory expands and prices remain stable

Home sales, inventory, and prices showed modest national movement in April, with small year-over-year gains in sales and prices alongside a continued expansion of active listings.

Home sales remain selective rather than broadly accelerating

Home sales increased slightly in April, reflecting steady but measured buyer activity as the spring season progressed. Almost 311,000 homes were sold nationwide during the month, leaving total sales 0.6% higher than a year earlier. The modest gain indicated that demand remained present but disciplined, with buyers continuing to weigh affordability and financing costs carefully rather than responding solely to seasonal momentum.

Sales performance varied widely across major markets, underscoring uneven local conditions. San Francisco recorded a double‑digit year-over-year increase in sales, while Philadelphia posted a notable decline, illustrating the wide dispersion in outcomes. These differences suggested that local pricing alignment and inventory availability played a larger role in shaping activity than any uniform national shift in demand.

Active listings continue to rise, improving buyer options

Housing supply continued to rebuild in April, with active listings nationwide rising to 1.4 million, 6.3% higher than a year earlier. The increase further eased the severe inventory constraints that characterized much of the early 2020s, gradually restoring choice for buyers and moderating competitive pressure in many markets.

The pace of inventory growth remained uneven across metros, however. Raleigh saw a substantial year-over-year increase in active listings, while Jacksonville saw a sharp decline in inventory, highlighting the wide dispersion in supply conditions. For buyers, this unevenness meant that negotiating leverage continued to depend heavily on location, while sellers in markets with rising inventory faced more competition than in recent years.

Sale prices remain stable amid ongoing normalization

The U.S. median sale price was $390,000 in April, up 1.7% from a year earlier. National price growth remained restrained, consistent with a market that continued to normalize rather than re‑accelerate. Month-over-month price movements followed typical seasonal patterns and did not signal a renewed upswing.

While national prices appeared stable, local outcomes continued to diverge within a relatively narrow band. Some markets posted moderate gains while others saw small declines, reflecting differences in supply growth, buyer sensitivity, and prior price run‑ups. Overall, April reinforced the view that price stability at the national level masked ongoing local rebalancing rather than signaling a new phase of broad appreciation.


Dashboard-style graphic showing U.S. key housing indicators: $390,000 prices, 1.39 million listings, 310,606 sales; rising supply, steady demand.
U.S. home prices reached $390,000, while inventory climbed to 1,385,178 active listings, and monthly sales totaled 310,606. This reflects a market with elevated supply and moderated transaction volume.


National Sale Prices

The U.S. median sale price was $390,000 in April, rising from $383,500 one year earlier. The $6,500 increase in the median price amounted to a 1.7% annual gain.

US sale prices increase slightly from a year earlier as price growth moderates

National sale prices increased modestly over the past year. The U.S. median sale price rose 1.7% year over year in April 2026, reflecting continued price stability following the rapid appreciation seen in recent years.

Price growth of single-family homes outpaces other property types

National price trends varied by property type. Single-family homes posted 2.3% annual growth, adding $9,000 over the past year. Condo and townhome prices were flat as compared to April 2025.

Affordable Midwest gains while former hotspots see modest pullbacks

Price gains were led by Cleveland (8.1%), San Francisco (7.6%), Kansas City (7.6%), and Pittsburgh (7.2%), where tight supply continued to push prices higher. In contrast, all major Texas markets and several large coastal markets saw price declines, including Austin (3.2%), San Antonio (3.2%), Miami (2.9%), and San Jose (2.6%).


Dashboard showing U.S. home prices at $390,000, up 1.7% year-over-year, with stronger three- and five-year growth trends.
U.S. home prices reached $390,000, rising 1.7% year-over-year, compared with an 8.3% three-year increase, and a 46.1% five-year gain totaling $123,000.


Bar chart of U.S. home prices, 2018 to 2026, showing a rise to nearly $390,000 and flattening growth since 2022.
U.S. sale prices remained near record highs in early 2026, stabilizing at $390,000 after peaking in 2025.


Area chart showing year-over-year percent change in U.S. home prices, with peak growth in 2021 and recent slowdown.
Annual price growth moderated to 1.7% in April 2026, a steep decline from peak gains above 20% in 2021.


Bar chart showing year-over-year percent change in U.S. April sale prices, peaking in 2021–2022 and slowing recently.
April 2026 price growth was1.7%, continuing a recovery from negative 2.8% in 2023 but well below the 19.9% peak in 2021.


Horizontal bar chart of April 2026 prices across 40 markets, ranging from $255,000 to $1.7 million, showing wide disparity.
The San Francisco median home price ranked first among large markets at $1,700,000 in April 2026, about seven times higher than Cleveland at $242,000. The U.S. median price of $390,000 ranked near the midpoint.


Horizontal bar chart showing year-over-year March price changes by metro, highlighting wide regional performance differences.
Cleveland led April 2026 growth at 8.1% along with other Midwestern markets and San Francisco, while Austin and San Antonio posted the largest declines, highlighting divergence across the top 40 markets.


Categorical chart showing share of top markets by price change, with most between negative 1% and 2%, indicating slowed growth.
Among the top 40 markets, 21 markets recorded price changes between negative 1% and 2%, while only 10 saw increases above 2%.


Line chart showing share of U.S. markets with rising prices, reaching 64.1% in April 2026, with 35.9% declining.
Of the 933 markets tracked by Homes.com, 598, or 64.1%, reported higher prices in April 2026 than in the same month a year earlier.


U.S. map showing April 2026 state price changes, with most states gaining 1% to 5% and fewer exceeding 5%.
In April, 28 states saw price gains of 1% to 5%, while just 9 states exceeded 5% growth, reflecting moderate but widespread price increases.


Dashboard of April 2026 prices by property type, showing single-family growth at 2.3% while townhome and condo prices remained flat.
Single-family home prices rose 2.3% year-over-year to $399,000 in April 2026, outperforming townhome and condo segments, which saw little to no growth compared to a year ago.


Bar charts comparing April 2026 prices and growth by property type, highlighting detached gains and flat condo and attached activity.
Single-family homes rose 2.3% year over year to $399,000 in April 2026, while townhome and condo prices remained nearly unchanged.


National Inventory

Inventory reached nearly 1.4 million listings in April. Inventory increased in nearly 87% of U.S. markets, signaling widespread supply growth.

US housing inventory climbs as listings rise 6.3%

U.S. active listings totaled 1,274,931 in March, up 10.7% year over year and 44.4% higher than three years ago. The growth reflected a meaningful recovery from the historically low levels seen during the pandemic. As more sellers returned to the market, widespread inventory gains pointed to more balanced supply conditions nationwide.

Inventory expands across property types, with single-family homes leading the way

Inventory increased across all property types nationally. Single-family homes accounted for the largest share of inventory growth, adding more than 65,000 listings year over year. Townhomes and condos also saw increases, adding nearly 11,000 and just over 6,000 listings, respectively.

Inventory growth is widely distributed across US markets

Inventory growth extended across most of the country. Large markets with inventory growth greater than 20% over the past year included Columbus, Ohio (25.4%), Seattle (22%), Washington, D.C. (21.9%), and Raleigh, N.C. (20.3%). Inventory increased in nearly 87% of the 933 markets tracked by Homes.com. Jacksonville, Phoenix, Tampa, Miami, the Inland Empire, Orlando, San Francisco, and Austin were the only large markets with fewer homes available for purchase in April than a year ago.


Dashboard showing April 2026 U.S. active listings at 1.39 million, up 6.3% year-over-year, with strong multi-year inventory recovery.
Active listings totaled 1.39 million, up 6.3% year over year and 43.4% more than three years ago, a period marked by post-pandemic inventory shortages.


Bar chart of U.S. active listings from 2018 to April 2026, showing recovery to 1.39 million after pandemic-era decline.
Active listings climbed to about 1.39 million in April 2026, approaching pre-pandemic levels after declining sharply between 2020 and 2022.


Bar chart of April inventory growth from 2018 to 2026, showing a slowdown to 6.3% after higher post-pandemic increases.
The inventory of homes for sale increased 6.3% year over year in April 2026, down from 17.3% growth in 2024, indicating moderating supply gains.


Area chart of annual active listing growth from 2018 to 2026, showing a peak above 25% and moderating to about 6%.
Inventory growth moderated to about 6.3% in April 2026 after peaking above 25% in 2023.



Bar chart of April inventory growth from 2018 to 2026, showing slowdown to 6.3% after higher post-pandemic increases.
Listings in March rose 6.3% year over year, marking the fourth-consecutive April with positive inventory growth; however, the pace of growth has slowed in recent years.



Horizontal bar chart of April 2026 active listings by market, led by Houston, Dallas-Fort Worth, and Atlanta with the highest inventory levels.
Houston led with 42,808 listings in April, followed by Dallas-Fort Worth at 38,838 and Atlanta at 34,081.


Bar chart of April 2026 inventory change by market, ranging from 25.4% growth to negative 18.8%, showing regional divergence.
Columbus posted the fastest inventory growth at 25.4% in April 2026, while Jacksonville declined 18.8%, highlighting wide variation across markets.


U.S. map showing active listings growth ranges across top 40 housing markets, with most seeing moderate increases.
More than half of the top 40 markets (55%) posted inventory gains between 2% and 17%, and an additional 20% posted gains of more than 17%, signaling a nationwide inventory expansion.



Line chart showing 76.6% of U.S. markets with rising inventory in April 2026, indicating broad-based supply increases.
The majority of the markets tracked by Homes.com (715 of 933, or 76.6%) recorded rising inventory in April compared to the same month a year ago.


U.S. map showing state-level inventory growth, with most states reporting increases of 5% and 17% and few exceeding 17%.
More than half of the states (30) saw inventory growth between 5% and 17%, while 10 states exceeded 17%.



Dashboard of April 2026 inventory by property type, showing strongest growth in attached listings despite detached dominating total supply.
Single-family homes drove inventory growth in April, accounting for 65,825 more listings than in April 2025. Townhome listings grew by 10,616, and condo inventory increased by 6,049 compared to a year ago.


Bar charts comparing inventory and growth by property type, highlighting faster attached listing growth versus detached and condo segments.
Townhome listings saw the fastest growth on a percentage basis at 9.8%, outpacing single-family homes, which increased 6.5%, and condos added 3.4% more homes on the market as compared to a year ago.


National Home Sales

The U.S. recorded 310,606 sales in April, a 0.6% year-over-year increase, with just 1,891 more closings than in April 2025.

National sales volume stays below pre-pandemic levels

U.S. home sales totaled 310,606 in April, up just 0.6% from a year earlier. The modest year-over-year transaction volume gain suggested that demand remained present but increasingly selective, shaped by affordability considerations and local market conditions.

Home sales volumes vary by property type

Home sales volumes were mixed across property types. Single-family sales were up modestly by 0.7% or 1,849 homes, condo sales saw a year-over-year increase of 2.3% or 644 sales, and townhome sales posted a year-over-year decline of 2.4% or 622 sales. Single-family homes continued to account for the majority of transactions (255,150 sales). Modest or negative growth in the typically more affordable townhome and condo segments indicated weaker demand.

Home sales increase in 18 of the largest 40 markets nationwide, with no clear regional pattern

Home sales activity increased compared with April of last year in nearly half of the 40 largest U.S. markets. Markets that saw the largest increases include San Francisco (16.8%), Salt Lake City (11.4%), Richmond (10.4%), Austin (8.4%), and San Antonio (8.2%). Rather than signaling a pullback in interest, sales patterns reflected buyers carefully responding to pricing, supply, and financing conditions on a market-by-market basis.


Dashboard showing April 2026 U.S. home sales at 310,606, with modest 0.6% annual growth and stronger multi-year trends.
In April 2026, U.S. home sales totaled 310,606, rising just 0.6% year over year, reflecting minimal growth compared with an 8% increase over the past three years.


Bar chart of U.S. home sales from 2018 to April 2026, showing decline from 2021 peak and stabilization near 310,000.
Home sales totaled 310,606 in April 2026, stabilizing below the 2021 peak of more than 500,000.



Line chart of annual home sales change from 2018 to April 2026, showing reduced volatility and minimal recent gains.
Annual sales increased modestly by 1,891 in April, a strong improvement from year-over-year declines of 150,000 in 2023.


Area chart of U.S. annual home sales growth from 2018 to 2026, dropping from 40% peak to near zero.
Year‑over‑year home sales were nearly flat at 0.6% in April compared to the same time a year ago.



Bar chart of April home sales growth from 2018 to 2026, showing recovery to 0.6% after earlier sharp declines and spikes.
Home sales increased 0.6% year-over-year in April 2026, following declines as steep as 26.2% in April 2023 and strong gains of 44.4% in April 2021.



Horizontal bar chart of April 2026 home sales by market, with Chicago, Dallas, and Houston leading overall volume.
Chicago (8,816), Dallas–Fort Worth (8,370), and Houston (7,803) recorded the highest April sales volume among the top 40 largest markets.


Bar chart of April 2026 annual sales change by market, ranging from 16.8% gains to negative 8.2% declines.
Sales performance across the top 40 markets remained uneven. San Francisco recorded the largest gain at 16.8% in April 2026, while Philadelphia posted the sharpest decline at negative 8.2%, highlighting varied market performance.


U.S. map categorizing top 40 housing markets by March home sales change, showing mixed regional outcomes.
In April 2026, 55% of the top 40 markets recorded sales changes between negative 5% and 4%, while only 25% saw gains above 4%.


Line chart showing 51.2% of U.S. markets with rising home sales in April 2026, indicating balanced growth and decline.
Sales increased in 51.2% of U.S. markets in April 2026, compared with 48.8% declining, reflecting a nearly even split in market momentum.


Summary table showing U.S. home sales and annual declines by property type, led by attached homes.
Single-family homes continued to account for the majority of sales activity, while townhomes saw a year-over-year decline in sales volume.


Grouped bar chart showing U.S. home sales volumes and annual percent change by property type.
Single-family home sales reached 231,902 in April 2026, up 0.9% year-over-year, while townhome sales declined 3.0% and condo sales rose just 0.3%.


For questions and commentary about this report:

Erika Ludvigsen, National Director of Residential Analytics at CoStar and Homes.com, based in Atlanta, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Erika Ludvigsen

National Director of Residential Analytics

Homes.com

eludvigsen@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home sale price appreciation, inventory changes, and sales volume during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

About Homes.com

The Homes.com Network is the fastest-growing residential real estate marketplace and the second largest in the United States. Homes.com is a brand of CoStar Group (NASDAQ: CSGP), a global leader in commercial real estate information, analytics, and online marketplaces, which acquired the platform in 2021.

Homes.com is the first major U.S. real estate portal to focus first on helping homeowners and their agents leverage the marketing power of the internet to bring more potential buyers to their listings. Homes.com’s unparalleled content and search capabilities bring millions of buyers and sellers to the site where they can seamlessly connect with agents. On average, Homes.com’s Members gain $36,400 in commission in their first year* because they offer the home sellers a real estate portal that works for them not against them.

The Homes.com Network reached an audience of 108 million average monthly unique visitors in 2025** and organic traffic to Homes.com was up more than 100% year over year every month of the first quarter of 2026. For more information, visit Homes.com.

About CoStar Group

CoStar Group (NASDAQ: CSGP), an S&P 500 company, is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted 131 million average monthly unique visitors in the first quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costar.com


Writer
Erika Ludvigsen

Erika Ludvigsen is the National Director of Residential Analytics for CoStar and Homes.com, where she delivers insight on the U.S. housing market by analyzing Homes.com’s residential datasets alongside broader economic and demographic trends. She brings deep expertise in new construction, having previously led the national market intelligence team at PulteGroup, and has held roles at BlackRock, Century Communities, and Elme Communities. With more than 15 years in real estate market analytics, she holds a finance degree from Georgetown University and regularly speaks on residential real estate at major industry events, including IMN’s Land/Homebuilding Capital Markets Forum and the International Builders’ Show (IBS). Her work has been featured in The Wall Street Journal and RISMedia.

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